Risk Preferences and Field Behavior: The Relevance of Higher-Order Risk Preferences

• 成果类型: Article
• 署名作者: Schneider, Sebastian O.; Sutter, Matthias
• 署名单位: Max Planck Society; University of Cologne; University of Innsbruck
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282; 1944-7981
• DOI: 10.1257/aer.20211217
• 发表日期: 2026-01
• 页码: 88-118
• 关键词: uncertainty; aversion; determinants; attitudes; prudence; demand; adolescents; impatience; insurance; online

摘要

Using new methods, we measure the intensities of higher-order risk preferences (prudence and temperance) in an incentivized experiment with 658 adolescents. Aligned with theory, we find that higher-order risk preferences are strongly related to field behavior, including prevention, health, addictive behavior, and financial decision-making. Most importantly, we show that ignoring prudence and temperance can yield misleading conclusions about the relation of risk preferences to field behavior, and that survey measures of risk tolerance often relate to field behavior because they capture higher-order risk preferences. (JEL C83, D81, D91, J13)